Protector Forsikring ASA (PROT) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Protector Forsikring ASA NOK 273, price NOK 432, upside -36.7%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 59.52 – kr 537.25 · fair‑value band kr 204.96 – kr 452.83 · the kr 432.00 price screens above the kr 273.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Protector Forsikring ASA, operates as a non-life insurance company, provides general insurance and reinsurance services in Norway, Sweden, Finland, Denmark, the United Kingdom and France. The company provides personal, motor, property, liability, and change of ownership insurances.
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Protector Forsikring ASA, operates as a non-life insurance company, provides general insurance and reinsurance services in Norway, Sweden, Finland, Denmark, the United Kingdom and France. The company provides personal, motor, property, liability, and change of ownership insurances. It offers services to commercial lines of business, public sector, and affinity schemes through insurance brokers and agents. Protector Forsikring ASA was incorporated in 2003 and is headquartered in Oslo, Norway.
Stock analysis
Protector Forsikring ASA (PROT) currently trades at kr 432.00, while our model-based Fair Value estimate is kr 273.28, implying the stock looks roughly 58.1% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 301.29 per share, and 0 of the 6 models we run sit above the kr 432.00 price.
Bear case: the Asset-Based group reads lowest at kr 62.46, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 204.96 (bear) to kr 452.83 (bull), the price of kr 432.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Protector Forsikring ASA reported revenue of 14.9B NOK in FY2025 versus 5.9B NOK in FY2021, a compound +26.3%/yr. Reported net income was 2.6B NOK in FY2025, compounding +21.1%/yr from FY2021.
Key figures
Market cap 40.1B NOK (≈ $4.2B) · P/E ratio 17.4 · P/S ratio 3.09 · EPS (TTM) kr 24.81 · Dividend yield 2.8% · Net margin 17.8% · Return on equity 30.6% · Return on assets (EBIT) 7.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 7% fair-value upside, at −37%, PROT screens richer than that median.
Fair Value models
Bear kr 204.96Fair Value kr 273.28Bull kr 452.83
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 9.37 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+22.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.7%
Start year 2020 (pandemic). Over 10 years: +18.9% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+38.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+23.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.0%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19% vs 20%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 25%
2025 sits 75% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Protector Forsikring ASA with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Specialty · 30 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score59 · Below median
Fair Value upside−37% · Below median
Profitability
Return on equity (TTM)31% · Top 25%
Return on assets7% · Above median
Net margin (TTM)14% · Above median
Operating margin (TTM)28% · Top 25%
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)2.8% · Below median
Balance sheet
Debt / equity0.31× · Highest 25%
Valuation Multiplesvs Insurance - Specialty median · lower = cheaper
P/E (TTM)17.4× · Priciest 25%
P/B5.23× · Priciest 25%
P/S (TTM)2.77× · Pricier than median
EV/EBITDA13.2× · Priciest 25%
PEG0.36× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 22
FUTURE (revenue growth)24· sector 25
PAST (return on equity)100· sector 62
HEALTH (low debt)85· sector 91
DIVIDEND (yield)56· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Protector Forsikring ASA (PROT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 273.28 versus a price of kr 432.00, about −37% upside (overvalued).
What is the fair value of PROT?
Our model-based fair value for Protector Forsikring ASA is kr 273.28 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 432.00.
What is the quality score of PROT?
Protector Forsikring ASA has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Protector Forsikring ASA (PROT)?
Our model-based price target is the fair value of kr 273.28 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 204.96, optimistic scenario kr 452.83. It is a calculation from audited fundamentals, not an analyst target.
What is the Protector Forsikring ASA stock forecast for 2026?
Our models put fair value at kr 273.28, about −37% upside versus a price of kr 432.00 (overvalued). Cautious scenario kr 204.96, optimistic scenario kr 452.83. The calculation is refreshed regularly with new filings.
What is the revenue of Protector Forsikring ASA (PROT)?
Protector Forsikring ASA reported trailing-twelve-month revenue of about 14.5B NOK (latest available figure, as of Sep 24, 2026).
Does Protector Forsikring ASA pay a dividend?
Protector Forsikring ASA currently shows a dividend yield of about 2.78% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Protector Forsikring ASA (PROT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Protector Forsikring ASA it is kr 273.28 per share (as of Sep 24, 2026), against a price of kr 432.00. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Protector Forsikring ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PROT trades above its calculated fair value: price kr 432.00, fair value kr 273.28, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PROT?
No. The price is what the market pays today (kr 432.00); the fair value is what the company's own numbers justify (kr 273.28). For Protector Forsikring ASA the two are kr 158.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is Protector Forsikring ASA worth?
The market values Protector Forsikring ASA at about 40.1B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 432.00; our models calculate a fair value of kr 273.28 per share.
What do the bullish and bearish scenarios say about PROT?
Our models span a range for Protector Forsikring ASA: cautious scenario kr 204.96, base kr 273.28, optimistic kr 452.83 per share (as of Sep 24, 2026, price kr 432.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PROT?
Protector Forsikring ASA trades at a price-to-earnings ratio of 17.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 273.28 is built from several models across several years. Other multiples: PEG 0.4, P/B 5.2, P/S 2.8, EV/EBITDA 13.2.
What is the PEG ratio of PROT?
The PEG ratio of Protector Forsikring ASA is 0.36 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Protector Forsikring ASA (PROT)?
Balance-sheet figures for Protector Forsikring ASA (as of Sep 24, 2026): return on equity 30.6%, debt of 0.31 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is PROT from its 52-week high?
Protector Forsikring ASA trades at kr 432.00, about 20% below its 52-week high of kr 537.25 and 2% above the low of kr 424.00 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 273.28 is for.
Which stocks are comparable to Protector Forsikring ASA?
From the same area (Financial Services) we also value Fidelity National Financial, Inc, AXIS Capital Holdings, First American Financial Corporation, Enact Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Protector Forsikring ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 432.00, calculated fair value kr 273.28 (−37%), Quality Score 59/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PROT calculated?
We run Protector Forsikring ASA through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 273.28, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Protector Forsikring ASA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Protector Forsikring ASA (PROT)?
The closing price on Sep 24, 2026 was kr 432.00. Our model-based fair value is kr 273.28, about −37% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Protector Forsikring ASA right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 204.96 to kr 452.83) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Protector Forsikring ASA (PROT) come from?
Earnings per share at Protector Forsikring ASA grew +17.1 % a year from 2012 to 2023. Broken into its drivers: revenue per share +17.0 %, EBIT margin −5.3 %, tax rate +0.2 %, residual (interest, one-offs) +5.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Protector Forsikring ASA
How large is the market capitalisation of Protector Forsikring ASA (PROT)?
The market capitalisation of Protector Forsikring ASA is 40.1B NOK (≈ $4.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Protector Forsikring ASA (PROT)?
The price-to-sales ratio of Protector Forsikring ASA is 3.09 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Protector Forsikring ASA (PROT)?
Earnings per share at Protector Forsikring ASA are kr 24.81 (price ÷ EPS = P/E 17.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Protector Forsikring ASA (PROT)?
The dividend yield of Protector Forsikring ASA is 2.8% (payout 48.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Protector Forsikring ASA (PROT)?
The net margin of Protector Forsikring ASA is 17.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Protector Forsikring ASA (PROT)?
The return on equity (ROE) of Protector Forsikring ASA is 30.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Protector Forsikring ASA (PROT)?
On an EBIT basis the return on assets of Protector Forsikring ASA is 7.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Protector Forsikring ASA (PROT)?
The operating margin of Protector Forsikring ASA is 27.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Protector Forsikring ASA (PROT)?
Revenue at Protector Forsikring ASA is growing +4.8% versus a year earlier (3y avg +33.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Protector Forsikring ASA (PROT)?
Earnings per share at Protector Forsikring ASA are growing +3.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Protector Forsikring ASA (PROT) generate?
The free cash flow of Protector Forsikring ASA is −201M NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Protector Forsikring ASA (PROT) carry?
The net debt of Protector Forsikring ASA is 1.4B NOK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026